Washington, D.C. – Speaker Nancy Pelosi issued this statement after the Senate passed the House-passed Paycheck Protection Program Flexibility Act:
“The scale of the economic devastation caused by COVID-19 is staggering: more than 40 million workers losing their jobs, the highest national unemployment rate since the Great Depression and an estimated $16 trillion expected to be erased from the American economy over the next decade.
“Urgent action is needed to protect lives and livelihoods – which is why House Democrats are pleased that the Senate has passed the PPP Flexibility Act, led by Congressman Dean Phillips, a small business owner. This critical, bipartisan legislation will help struggling small businesses on Main Street get back on their feet by providing desperately-needed flexibility in loan forgiveness.
“Now, the President must sign this legislation and join us to support The Heroes Act to protect lives and livelihoods. Leader McConnell wants us to ‘pause,’ but the virus is not pausing and neither can we.”
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